1970-4494r.~~~~
RESOLUTION No. 4494
RESOLUTION DESIGNATING THE SUMMIT S'FATE BANK. A DEPOSITORY OF
F~+JNDS OF THE CITY OF RICHFIELD FCR THE YEAR 1971 AND APPROVING
COLLATERAL
BE IT RESOLVED by the city council of the City of Richfield as followso
That, in accordance with law, the Summit State Bank be, and hereby is desig=
nated a depository of the funds of the City of Richfield, subject tm modification
and revocation at any time by said city, and subject to the following terms and
conditionsa
The said depository shall not be required to give bonds. or other securities
for such depc~si•ts provided that the total sum thereof shall not at any time exceed
in any depository the sum for which its deposits are insured under the Acts of
Congress. of the United States relating to insurance of bank deposits9 but not in
case such deposits. in any such depository shall. at any time exceed such insured
sum, said depositary shall immediately furnish bonds or other security for such
excess accmrding to law, approved by the city council of said city.
That said depository shall pay on demand all deposits therein9 and shall pay
all time deposits, a•t or after the end. of the period for which the same shall be
deposited, on demand.
BE IT FUR`T'HER RESOLVED, that there shall be maintained a general account in~which
shall be dep®sited all moneys from liquor and swimming pool operations. (decks on
this account shall be signed by the following. officers or their alternates:
Stanley W. Olson, Mayor Alternate A. P. Anderson, Councilman
Wayne So Burggraaff, Manager Alternate Leo J. Jo11y, Engineer
Thomas J. Moran, Treasurer Alternate Mildred Mitton, Accounting
Clerk II
1
BE IT FURTHER RESOLVED, that there shall be maintained a city payroll account.
'T'here shall be issued a single check bi weekly for an amount equal to the semiemonthl
city payroll,. payable to the Director of Finance fc~r deposits. in such payroll accoun.•~,.
Thereafter, the Director of Finance is authorized to issue payroll checks on said
accounts bearing.c~nly his signature as city treasurer for all wages car salaries in-
cluded in said bibureekly payroll.
BE IT FURTHF;R RESOLVEED, that collateral in the amount of $300,0OO.OU deposited fc~r
safekeeping at the Feder~.l Reserve Bank is hereby approved,
Passed by the council of the City ®f Richfield this 28th day mf December, 1970.
~ ~ ~-~-~
Stanley W, Olson Mayor
Attest:
/ - /Gr~ yv
Thomas J. Moran. ' City C1er~i